Giving from your IRA is a powerful way to support Grays Harbor College Foundation while benefiting from tax advantages. If you are 70½ years old or older, you can make a tax-free donation directly from your IRA to the Foundation, maximizing your charitable impact while reducing your taxable income.
What is a Tax-Free IRA Gift?
A tax-free IRA gift, also known as a Qualified Charitable Distribution (QCD), allows you to transfer up to $100,000 annually directly from your IRA to a qualified charity like Grays Harbor College Foundation. This type of gift can satisfy your Required Minimum Distribution (RMD) and is not included in your taxable income.
Benefits of Making a Tax-Free IRA Gift
- Tax Savings: Your gift will not be included in your taxable income, potentially reducing your overall tax liability.
- RMD Satisfaction: If you are required to take minimum distributions from your IRA, a QCD can fulfill this requirement without increasing your taxable income.
- No Additional Tax Forms: Since the gift is directly transferred from your IRA to the Foundation, you do not need to include it in your tax return, simplifying your tax reporting.
How to Make a Tax-Free IRA Gift
- Consult Your IRA Administrator: Contact your IRA custodian or financial advisor to initiate a Qualified Charitable Distribution. They will provide you with the necessary forms and instructions for the transfer.
- Designate Grays Harbor College Foundation: Provide your IRA administrator with our official information:
Grays Harbor College Foundation
1620 Edward P. Smith Dr.
Aberdeen, WA 98520
Tax ID: 91-6052939 - Specify the Amount: Indicate the amount you wish to donate from your IRA, up to the annual limit of $100,000.
- Verify Receipt: Once the gift is transferred, we will send you an acknowledgment for your records.
Ensure Your Gift is Applied Appropriately
To ensure that your gift is used according to your wishes, please let us know if there are any specific designations or purposes for the donation. This information helps us direct your contribution to the areas of greatest need or to specific programs you care about.
Get Assistance
For more information or assistance with making a tax-free IRA gift, please contact us at 360.538.4024 or foundation@ghc.edu. Our team is here to guide you through the process and help you make the most of this tax-advantaged giving opportunity.
